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FTSE loses momentum as sterling recovers

FTSE loses momentum as sterling recovers

Gains for the pound after Donald Trump struck a more supportive tone for UK PM Theresa May and her Brexit position saw the FTSE limp towards the close on Friday.

Having traded 0.7% higher early on, the index closes out the day up around 0.2% and a fair way short of the highs above 7,700 achieved earlier in the session.


In the US the Nasdaq index looked to be on course to achieve a new record high with the Dow Jones bubbling around the 25,000 mark amid better-than-expected numbers from US banks.


Ryanair gained 0.3% to €15.64 after European regulators approved its proposed acquisition of Laudamotion.

But the budget carrier also claimed that German carrier Lufthansa was attempting to 'destabilise and damage' the Austrian airline. Ryanair called on regulators to intervene to stop Lufthansa's alleged 'anti-competitive' behavior.

Support services group DCC rallied 3.8% to £71.65 on news it had acquired audio-visual products distributors Stampede and Kondor for a combined enterprise value of £110m, while saying first-quarter profit had risen as expected.

Recruitment group Hays jumped 7.7% to 206p after announcing its full-year operating profits would be 'marginally ahead' of market forecasts, buoyed by a strong showing overseas.

Cycling and motoring retailer Halfords gained 0.1% to 355p on news it hired former Waitrose finance director Loraine Woodhouse as its new chief financial officer.

Emerging markets specialist Ashmore Group gained 0.6% to 352.6p, paring more significant gains earlier on, as higher net fund inflows helped soften the blow of a negative investment performance.

Shared workspace provider Workspace Group gained 1.3% to £10.92, even as it experienced a 5% fall in lettings during the first quarter. Customer enquiries, however, rose slightly and the company said it had completed three refurbishment and redevelopment projects in June.


Micro-cap oil and gas firm Solo Oil responded to news of a farm-out by partner Aminex on its Ruvuma asset in Tanzania in a wider corporate update. The shares were up 8% to 2.43p.

Residential property investor KCR Residential REIT lost 14.8% to 75p as investors reacted to the dilution implied by a £3,1m share placing at 70p.

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